The CPTPP is a new free trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

The CPTPP incorporates, by reference, the provisions of the Trans-Pacific Partnership (TPP) agreement, with the exception of a number of provisions pertaining mainly to intellectual property and investor-state dispute settlement, whose application will be suspended once the CPTPP comes into force. These provisions will be suspended until all the parties decide otherwise.

The TPP was originally concluded on October 5, 2015, by 12 countries (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam) and was signed on February 4, 2016, by all 12 parties. On January 30, 2017, the United States notified TPP signatories of its intention to not ratify the TPP, effectively withdrawing from the TPP. Without the United States, the TPP agreement cannot enter into force as it requires ratification by at least six states that together have a GDP of more than 85% of the GDP of all signatories.

Following the U.S. decision to not ratify the TPP, Canada has actively participated in discussions for a new agreement among the 11 remaining members of the TPP. On November 10, 2017, in Da Nang, Vietnam, the parties agreed on the core elements of a new CPTPP agreement, and on January 23, 2018, the CPTPP parties resolved all outstanding issues and concluded CPTPP negotiations.